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    368 Summer Ave Newark, NJ 07104

    For Sale
    $748,888

    18 Units, $133K Gross Annual Income

    Description

    Added:
    Feb 3, 2025
    Days on Market:
    316
    This exceptional investment opportunity presents a licensed rooming house located in North Newark, conveniently situated near Branch Brook Park. The property boasts 18 individual units, generating a substantial gross annual income of $133,000. This translates to an attractive 8.4% capitalization rate, making it an ideal investment for those seeking steady cash flow and potential appreciation. The property sits on a 0.1-acre lot, offering ample space for the existing structure. The precise square footage of the building is not currently available. This established rooming house presents a turnkey investment opportunity in a desirable location. The strong rental income stream, coupled with the property's location near a significant park, makes this a compelling proposition for investors seeking a stable and potentially appreciating asset. The property's current operational status as a licensed rooming house provides immediate income generation, minimizing vacancy risks associated with new developments. Further due diligence is encouraged to fully assess the property's financial performance and potential. This is a rare chance to acquire a proven income-generating property in a thriving Newark neighborhood. Serious inquiries only.

    Property Features for 368 Summer Ave

    General Information

    Property type
    Other commercial real estate
    Lot Size
    4,356 SF

    Building Details

    Year Built
    1900
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Law Firm Restaurant Realty agency Spa & Massage Dental Office Hair Salon Clothing Store Nail Salon Food Market Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Newark
    County
    Essex
    State
    New Jersey
    Longitude
    -74.16923
    Latitude
    40.7644

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    FAQs

    What type of property is this?
    Commercial real estate - 18 Units, $133K Gross Annual Income
    Where is this commercial real estate located?
    The property is located at 368 Summer Ave Newark, NJ.
    What is the asking price?
    The asking price for this property is $748,888.
    (855) 450-0442
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    368 Summer Ave Newark, NJ 07104
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